(Adds detail on special resolutions, quotes from chairman and
By Euan Rocha
TORONTO May 6 Canadian miner Sherritt
International Corp won its proxy fight with activist
investor George Armoyan on Tuesday, with all management board
nominees elected at the company's shareholder meeting in
A group of activist investors led by Armoyan's investment
holding company, Clarke Inc, had put forward a slate of
nominees for the board of the nickel, oil and gas producer.
Shareholders also rejected all of the dissidents' special
resolutions. Proxy advisers Institutional Shareholder Services
and Glass Lewis had both recommended that clients vote for
"It's a lot tougher to change incumbent boards in Canada
than I thought," Armoyan told reporters after the meeting. "No
one wants to rock the boat in Canada."
Armoyan said he has learned from the experience and will do
"whatever is needed" if Sherritt does not deliver.
Sherritt's chairman, Harold Stephen, said the proxy battle
was an expensive distraction, but said the company has had more
conversations with investors because of it and will benefit from
"I said to George right at the beginning, Look, no matter
what the outcome is on this, if you are still a shareholder, we
will meet with you and talk to you, listen to your ideas and
give them due consideration, and that still stands," he said.
Shareholders affiliated with Armoyan, including Clarke,
beneficially own some 5 percent of Sherritt, according to
(Reporting by Euan Rocha; Writing by Allison Martell; Editing
by Leslie Adler)